Grant dollars will support Indianapolis' first Equitable Transit- Oriented Development (ETOD) program
INDIANAPOLIS, Sept. 14, 2023 /PRNewswire/ -- The KeyBank Foundation has awarded Indianapolis Neighborhood Housing Partnership (INHP) a $300,000 grant to continue its efforts to create or preserve affordable housing opportunities near Indianapolis transit lines as part of the city's first Equitable Transit-Oriented Development (ETOD) program. Through this program, INHP acquires and holds properties within a half mile of IndyGo's 15-minute frequency routes to give developers time to prepare optimal site plans that will offer affordable housing for families earning low and moderate incomes.
The funding will support costs to maintain and hold the properties in this land bank. Since 2018, INHP has acquired 17 ETOD properties and has sold seven to developers as it works to reach its goal of providing 1,000 affordable units to Indianapolis residents.
"INHP is grateful for KeyBank's generous support as a partner in the ETOD program," said Gina Miller, president and CEO of INHP. "These funds will allow us to sustain this strategy and achieve positive outcomes for the people and neighborhoods we serve."
Studies show Indianapolis' families spend an average of 46 percent of their income on housing and transportation. Through the ETOD program, INHP is promoting housing choice and affordability while also providing access to jobs, education, healthcare, food and cultural amenities – all needed for economic mobility.
"INHP plays a pivotal role in the Indianapolis community connecting people to the necessary resources for affordable housing," said Juan Gonzalez, KeyBank's Central Indiana Market President. "Key is incredibly proud to support INHP and follow through on our commitment to help the organizations and residents we serve thrive. This partnership will not only strengthen our community, but it will provide equitable access to jobs, education, healthcare and more."
Since 2017, Key has made community investments totaling more than $930 million in Central Indiana which supports low to moderate income individuals and neighborhoods through lending for affordable housing, small businesses, mortgage and transformative philanthropy.
ABOUT KEYCORP
KeyCorp's (NYSE: KEY) roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $195 billion at June 30, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
ABOUT INHP
The Indianapolis Neighborhood Housing Partnership® (INHP) creates affordable housing solutions for people with low and moderate incomes, and collaborates to enhance quality of life in Indianapolis neighborhoods. INHP supports people by providing homebuyer and financial education, one-on-one homeownership advising, home purchase and home repair lending, and economic mobility programming for renters. As a Community Development Financial Institution (CDFI) INHP also supports the creation or preservation of affordable housing through investments in affordable housing development, land banking, community lending and grantmaking. For more information, visit INHP.org.
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SOURCE KeyCorp
